Canadian Real Estate Investment Trust

Canadian Real Estate Investment Trust

June 30, 2005 17:43 ET

Canadian Real Estate Investment Trust Sells Spruceland Shopping Centre, Prince George, B.C.

TORONTO, ONTARIO--(CCNMatthews - June 30, 2005) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced that it, together with its co-owner, have sold Spruceland Shopping Centre located in Prince George, B.C.

Spruceland Shopping Centre is an approximate 141,000 square foot strip retail shopping centre, originally constructed in 1964 and renovated in 1985.

The sale price for CREIT's 65% interest in the property was approximately C$15.8 million and the price was partially satisfied by the assumption of approximately C$7.0 million (CREIT's 65% obligation) of existing mortgage debt, which carried an interest rate of 6%.

CREIT is a real estate investment trust that is dedicated to building wealth for its Unitholders through reliable monthly cash distributions and long-term value enhancement. CREIT owns a portfolio of more than 132 retail, office and industrial properties. Its disciplined approach manages risk while delivering attractive long-term returns.

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